TCREUR_Public/041027.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Wednesday, October 27, 2004, Vol. 5, No. 213

                            Headlines

F R A N C E

PERRIER: CGT Union Wants Registered Designation of Origin
TEREOS SA: Ratings Withdrawn After Debt Repayments
VIVENDI UNIVERSAL: Senior Unsecured Debt Rating Upgraded to Baa3


G E R M A N Y

ABC DRUCKEREI: Publishing Firm Falls into Bankruptcy
AMBULANTER PFLEGEDIENST: Under Bankruptcy Administration
BACKERGENOSSENSCHAFT SEELOW: Insolvency Administrator Named
B MOTE: Sets Creditors' Meeting Last Week of November
ELM DRUCKERZEUGNISSE: Court to Verify Claims November

FLASCHNEREI FUCHS: Sets Deadline for Filing of Claims
HANNELORE SCHUMACHER: Cologne Court Appoints Administrator
KARSTADTQUELLE AG: Turnover at Mail-order Unit Down
METALLWERK WERDAU: Court to Examine Late Claims November
NCB INFORMATIONSTECHNIK: To Hold Creditors' Meeting December

NIEDERRHEINISCHE BEWACHUNGS: Under Bankruptcy Administration
PARK HOTEL: Creditors Have Until November to File Claims
PH. H. BAUGESELLSCHAFT: Creditors' Meeting Set November
SCHAFER METALLBAU: Creditors Have Until this Week to File Claims
SCHILDWACHTER GBR: Creditors to Meet Next Month
SMB FENSTER: Administrator Takes over Operations
WUESTENROT BANK: 'C' Individual Rating Affirmed


I R E L A N D

ELAN CORPORATION: Settles Class Action for US$75 Million


I T A L Y

ALITALIA SPA: European Union Wants More Details on Business Plan
PARMALAT FINANZIARIA: Parmatour Unit Attracts 50 Buyers
VOLARE GROUP: Managing Director Leaves


L U X E M B O U R G

MILLICOM INTERNATIONAL: Subsidiary Renews GSM Deal in Pakistan


N E T H E R L A N D S

ISPAT INTERNATIONAL: Ratings on CreditWatch After Merger Deal
NEW SKIES: Senior Subordinated Notes Rated Caa1
ROYAL AHOLD: To Pay SEK7.35 Bln for Canica's ICA Stake


P O L A N D

BANK OCHRONY: Fitch Affirms 'D' Individual Rating
ELEKTRIM SA: Proposing to Sell Shares for ZE PAK Project


P O R T U G A L

CAIXA ECONOMICA: Individual Rating at 'C'; Outlook Negative


R U S S I A

METAL PROCESSING: Hires A. Demin Insolvency Manager
NIZHEGORODSKIY FUR: Sets Deadline for Proofs of Claim
NIZHNEUDINSKIY BAKERY: Appoints I. Dubinin Insolvency Manager
POKROVSKIY DAIRY: Undergoes Bankruptcy Supervision Procedure
RESEARCH-AND-PRODUCTION: Deadline for Proofs of Claim Set

SEVER-NEFTE-PERERABOTKA: Under Bankruptcy Supervision
SEWING-FANCY-GOODS: Altay Court Appoints Insolvency Manager
SHADRINSKIY: Creditors Have Until November to File Claims
SIB-METALLURG-MONTAZH: Declared Insolvent
SVIRSKIY ACCUMULATOR: Sets Deadline for Proofs of Claim
YUKOS OIL: Partner Withdraws Men, Equipment from Yuganskneftegaz


S P A I N

IZAR: Pays EUR3 Million for Delaying Contract
IZAR: SEPI Scraps Plan; Creates Holding Company


T U R K E Y

ARAB TURKISH: Fitch Puts Individual Rating at 'D'


U N I T E D   K I N G D O M

A.F.C. LIMITED: Creditors Have Until Next Month to File Claims
AIR PRODUCTS: To Hold Final Meeting of Members Mid-November
ALUMAX EXTRUSIONS: Final Meeting of Members Set December
AMBER PROPERTIES: Special Winding up Resolution Passed
AMKO BEARINGS: Calls General Meeting of Members

ARMSTRONG EUROPE: Names Numerica Liquidator
ARTESIA NATURAL: Brings in Receivers from Tenon Recovery
A.S.A. SECURITY: Owners Agree to Liquidate Company
BHD FLINT: Sets Creditors' Meeting Next Month
CERAMIC CITY: Names Administrator from Walletts Insolvency

DERWENT SHIRES: Members General Meeting Set Next Month
EIDOS PLC: Tomb Raider to Appear on BREW-Enabled Mobile Phones
EMI GROUP: Continues Outsourcing Strategy with Sale of CD Plant
GARDNER CRYOGENICS: Sets Members Final Meeting
GOLF AND LEISURE: Names Craig Le Cheminant Liquidator

H.E. MOUL: Members General Meeting Set Next Month
HOPES HAULAGE: Creditors to Meet First Week of November
INTERDEAN (AIRFREIGHT): Members Final Meeting Set
LEASE 123: Liquidator's Final Report Out Next Month
LVR PROPERTIES: Calls in Liquidator from Phillips & Co.

MARCONI CORPORATION: Top Russian Firm Subscribes to SDH Services
MARDEO LIMITED: Members Appoint Liquidator
MILLAC LIMITED: Members Opt to Wind up Business
NIMMO PACKAGING: Hires Rothman Pantall & Co. as Administrator
ORYX FUND: Members Agree to Appoint Liquidators

PCL REALISATION: Unsecured Creditors to Meet November
REDEVELOPED FISH: In Administrative Receivership
SEIKO EUROPE: Hires Joint Liquidators from Deloitte & Touche
SKYEPHARMA PLC: Gets Payment for DepoDur(TM) Deal
SONCEBOZ UK: Brings in Liquidator from Finn Associates

SONERA UK: Hires KPMG as Liquidator
TETHYS LIMITED: Proofs of Claim Deadline Expires Weekend
THE BRYN: SME Invoice Appoints Harrisons Receiver
THE LEARNING: Calls in Liquidator from Grant Thornton
TOMLANDER LIMITED: Insolvency Service Bans Two Directors
TWP HOLDCO: Liquidator to Present Final Report Mid-December


                            *********


===========
F R A N C E
===========


PERRIER: CGT Union Wants Registered Designation of Origin
---------------------------------------------------------
The Confederation Generale du Travail union (CGT) proposed a
registered designation of geographical origin of Perrier in an
effort to avert a relocation of its production, Les Echos says.

CGT representative Jean-Paul Franc made the proposal in reaction
to Nestle's statement that it has received various offers to
acquire Perrier, although it has yet to make a firm decision on
the matter.

Meanwhile, unions availed the services of research firm Secafi-
Alpha to assess Nestle's plan to split Nestle Waters France,
into five separate companies.

CONTACT:  NESTLE WATERS FRANCE S.A.
          9, Rue Maurice
          Mallet TSA 40001
          92793 Issy Les Moulineaux
          Cedex 9
          Phone: 33 (0) 1 41 23 38 00
          Fax: 33 (0) 1 41 23 69 00
          Web site: http://www.nestle-waters.com


TEREOS SA: Ratings Withdrawn After Debt Repayments
--------------------------------------------------
Standard & Poor's Ratings Services withdraws its long-term 'BB+'
corporate credit and 'BB-' senior unsecured debt ratings on
French sugar producer Tereos S.A.  The withdrawal was made at
the request of the company, which has no more public debt
outstanding.

Tereos S.A., which, as of Oct. 1, 2004, was absorbed by its
parent Tereos (not rated) to become a "union of cooperatives,"
recently repaid its EUR45 million zero-coupon bond and de-listed
or repaid the remaining notes outstanding under its US$500
million Euro Medium-Term Note program.

Ratings information is available to subscribers of
RatingsDirect, Standard & Poor's Web-based credit analysis
system, at http://www.ratingsdirect.com. It can also be found
at http://www.standardandpoors.com. Alternatively, call one of
the following Standard & Poor's numbers: London Ratings Desk
(44) 20-7176-7400; London Press Office Hotline (44) 20-7176-
3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225;
Stockholm (46) 8-440-5916; or Moscow (7) 095-783-4017.  Members
of the media may also contact the European Press Office via e-
mail: media_europe@standardandpoors.com.

CONTACT:  STANDARD AND POOR'S RATING SERVICES
          Group E-mail Address
          CorporateFinanceEurope@standardandpoors.com

          TEREOS S.A.
          Tour Lilleurope, Parvis de Rotterdam
          92572 Lille, F-59777, France
          Phone: +33-3-28-38-79-30
          Fax: +33-3-28-38-79-31
          Web site: http://www.tereos.com


VIVENDI UNIVERSAL: Senior Unsecured Debt Rating Upgraded to Baa3
----------------------------------------------------------------
Moody's Investors Service raised the senior unsecured debt
rating of media group Vivendi Universal to Baa3 from Ba1.

The upgrade recognizes the benefits of the French "Consolidated
Global Profits" regime awarded to the firm earlier this year,
and the steady operating performance of the company.  The grant
will allow Vivendi to offset substantial loss carry forwards at
the parent company (approximately EUR3.8 billion) against tax
paid at any greater than 50%-owned asset.  This will give the
firm some support to maintaining its current configuration.
Expected cash tax savings from 2005 onwards are substantial at
approximately 500 million p.a.

Moody's said the award confirms that Vivendi "intends to pursue
a more measured approach towards future acquisitions."    The
rating outlook is stable assuming the firm will stick to its
major remaining asset sales.  Vivendi has plans of selling its
20.4% participation in Veolia Environment and its indirect 24.5%
stake in Polish mobile operator PTC (held through Elektrim
Telekommunikacja).

The Baa3 assumes that Vivendi would manage its future outflows
to retain its regained financial flexibility.  The firm expects
to resume dividend payments next year.

CONTACT:  VIVENDI UNIVERSAL S.A.
          Investor Relations, Paris
          Daniel Scolan
          Phone: +33 (0) 1 71 71 32 91
          Laurence Daniel
          Phone: +33 (0) 1 71 71 12 33
          Or
          New York
          Eileen McLaughlin
          Phone: +(1) 212.572.8961


=============
G E R M A N Y
=============


ABC DRUCKEREI: Publishing Firm Falls into Bankruptcy
----------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against publishing house ABC Druckerei & Verlag GmbH on Oct. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Nov. 10, 2004
to register their claims with court-appointed provisional
administrator Dr. Olaf Buchler.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 10, 2004, 10:40 a.m. at the insolvency court
of Hamburg Weidestrasse 122d, 22083 Hamburg, Saal 1, 2 Ebene at
which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.

CONTACT:  ABC DRUCKEREI & VERLAG GMBH
          Kieler Strasse 302, 22525 Hamburg

          Dr. Olaf Buchler, Insolvency Manager
          Herrengraben 3, 20459 Hamburg
          Phone: 36968351
          Fax: 36968383


AMBULANTER PFLEGEDIENST: Under Bankruptcy Administration
--------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Ambulanter Pflegedienst MEDITAS GmbH on Sept. 30.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Nov. 10, 2004
to register their claims with court-appointed provisional
administrator Jorn Weitzmann.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 10, 2004, 10:10 a.m. at the district court
of Hamburg at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

Ambulanter provides domestic and ambulatory hospital services.

CONTACT:  AMBULANTER PFLEGEDIENST MEDITAS GMBH
          Colonnaden 18, 20354 Hamburg
          Contact:
          Fatemeh Farzaneh Mirbagheri, Manager

          Jorn Weitzmann, Insolvency Manager
          Arnold-Heise-Strasse 9, 20249 Hamburg
          Phone: 460797-0
          Fax: 460797-25


BACKERGENOSSENSCHAFT SEELOW: Insolvency Administrator Named
-----------------------------------------------------------
The district court of Frankfurt (Oder) opened bankruptcy
proceedings against Backergenossenschaft Seelow/Strausberg eG on
Oct. 10.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
Nov. 4, 2004 to register their claims with court-appointed
provisional administrator Dr. Detlef-Rudiger Beckmann.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 9, 2004, 11:20 a.m. at the district court of
Frankfurt (Oder) Logenstrasse 13, 15230 Frankfurt (Oder), at
which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.

CONTACT:  BACKERGENOSSENSCHAFT SEELOW/STRAUSBERG EG
          Feldstrasse, 15306 Seelow

          Dr. Detlef-Rudiger Beckmann, Insolvency Manager
          Lietzenburger Str. 77, 10719 Berlin


B MOTE: Sets Creditors' Meeting Last Week of November
-----------------------------------------------------
The district court of Stuttgart opened bankruptcy proceedings
against B Mote Media Film + Videoproduktion GmbH on October 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 29,
2004 to register their claims with court-appointed provisional
administrator Michael Pluta.

Creditors and other interested parties are encouraged to attend
the meeting on November 25, 2004, 8:30 a.m. at AG Stuttgart,
Hauffstr. 5, EG, Zimmer 20 at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  B MOTE MEDIA FILM + VIDEOPRODUKTION
          Furtwangler Str. 44
          70195 Stuttgart
          Contact:
          Ursula M. Brandt, Manager

          Michael Pluta, Insolvency Manager
          Albstr. 14
          70597 Stuttgart
          Phone: 0711/7696880


ELM DRUCKERZEUGNISSE: Court to Verify Claims November
-----------------------------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against ELM Druckerzeugnisse GmbH on Oct. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The administrator presented his first report of the insolvency
proceedings on Oct. 18.  The court will verify the claims set
out in the report on Nov. 24, 2004, 9:00 a.m. at Saal U2,
Gebaude E, Landwehrstrasse 48, 64293 Darmstadt.

CONTACT:  ELM DRUCKERZEUGNISSE GMBH
          Bergstrasse 5
          64354 Reinheim
          Phone: 06162 / 9315-0
          Fax: 06162 / 9315-30
          E-mail: info@elmgmbH.de
          Web site: http://www.elmgmbh.de/entw.htm

          Marcus Heinz Grasmann, Manager

          Frank Volger, Insolvency Manager
          Anne Frank Strasse 6
          64823 Gross-Umstadt
          Phone: 06078/912313
          Fax: 06078/912314


FLASCHNEREI FUCHS: Sets Deadline for Filing of Claims
-----------------------------------------------------
The district court of Stuttgart opened bankruptcy proceedings
against Flaschnerei Fuchs GmbH on Oct. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Nov. 2, 2004 to register their
claims with court-appointed provisional administrator Dr.
Reinhard Th. Schmid.

Creditors and other interested parties are encouraged to attend
the meeting on Nov. 25, 2004 2:30 p.m. at the district court of
Stuutgart, Hauffstr 5, EG, Saal 4 at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  FLASCHNEREI FUCHS GMBH
          Strassburger Str. 38
          70435 Stuttgart
          Contact:
          Uwe Buck, Manager

          Dr. Reinhard Th. Schmid, Insolvency Manager
          Hasenbergsteige 5
          70178 Stuttgart
          Phone: 0711/669070
          Fax: 0711/6645068


HANNELORE SCHUMACHER: Cologne Court Appoints Administrator
----------------------------------------------------------
The district court of Cologne opened bankruptcy proceedings
against Hannelore Schumacher Gesellschaft on Oct. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Nov. 2, 2004 to
register their claims with court-appointed provisional
administrator Jana Dettmer.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 1, 2004, 9:15 a.m. at the district court of
Koln Hauptstelle, Luxemburger Strasse 101, 50939 Koln,
Erdgeschoss, Saal 14 at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  HANNELORE SCHUMACHER GESELLSCHAFT
          Josef Bitschnau Str. 62-64, 50169 Kerpen
          Contact:
          Michael Schumacher, Manager

          Jana Dettmer, Insolvency Manager
          Weyerstr. 54, 50676 Koln
          Phone: 0221/92 12 17 - 0
          Fax: +4922192121720


KARSTADTQUELLE AG: Turnover at Mail-order Unit Down
---------------------------------------------------
Continuing talks regarding the future of ailing retail giant
KarstadtQuelle AG seemed to have driven away customers, causing
the group's turnover to plummet, Die Welt says.

The retail giant's mail-order unit, Quelle, saw its turnover
fell by more than ten percent since KarstadtQuelle announced its
restructuring plan on September 28.  The group denied media
reports that Quelle's turnover dropped as much as 35%.

Market experts said rumors on KarstadtQuelle's possible
insolvency caused many customers to stop patronizing Quelle.
KarstadtQuelle chairman Christoph Achenbach earlier announced an
eight-percent drop in turnover for the third quarter of 2004.

The group's creditor banks are doubting whether the company
could achieve the targets outlined in the group's restructuring
plan, drafted by Mr. Achenbach himself.  Unions, particularly
Ver.di, expressed its opposition to the group's plan to sell or
close down 77 of its 181 department stores and 305 retail
outlets, as it would leave around 30,000 jobless.
KarstadtQuelle was able to reach an agreement with unions in
mid-October.

CONTACT:  KARSTADTQUELLE A.G.
          Theodor-Althoff-Str. 2
          D-45133 Essen
          Phone: +49-201-727-1
          Fax: +49-201-727-5216
          Web site: http://www.karstadtquelle.com


METALLWERK WERDAU: Court to Examine Late Claims November
--------------------------------------------------------
The insolvency court of Chemnitz has set a special verification
meeting on Nov. 9, 2004, 11:50 a.m. for late claims filed
against Metallwerk Werdau GmbH.  The meeting will be at the
court of Chemnitz, Furstenstr. 21, Sitzungssaal 24.

CONTACT:  METALLWERK WERDAU GMBH
          (HRB 10440), Greizer Str. 70, 08412 Werdau
          Contact:
          Karl-Heinz Zielonka, Manager


NCB INFORMATIONSTECHNIK: To Hold Creditors' Meeting December
------------------------------------------------------------
The district court of Stuutgart opened bankruptcy proceedings
against NCB Informationstechnik GmbH & Co. KG on Oct. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 2, 2004 8:00 a.m. at AG Stuttgart, Hauffstr.
5, EG, Zimmer 20 at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  NCB INFORMATIONSTECHNIK GMBH & CO. KG
          Max Planck Str. 6-8
          71116 Gartringen
          Phone: +49 (7034) 256 - 0
          Fax: +49 (7034) 256 - 2999
          Web site: http://www.ncb.de

          Contact: Hartwig Bazzanella, Manager

          Dr. Philipp Grub, Insolvency Manager
          Humboldtstr. 16
          70178 Stuttgart
          Phone: 0711/96689-0
          Fax: 0711/96689-19


NIEDERRHEINISCHE BEWACHUNGS: Under Bankruptcy Administration
------------------------------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against Niederrheinische Bewachungs-Gesellschaft mbH on Oct. 6.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Nov. 15, 2004
to register their claims with court-appointed provisional
administrator Dr. Biner Bahr.

Creditors and other interested parties are encouraged to attend
the meeting on Nov. 22, 2004, 9:40 a.m. at the district court of
Dusseldorf Hauptstelle, Muhlenstrasse 34, 40213 Dusseldorf, 4.
OG. Altbau, A 409 at which time the administrator will present
his first report of the insolvency proceedings.  The court will
verify the claims set out in the administrator's report on Dec.
6, 2004, 10:05 a.m. at the same venue.

CONTACT:  NIEDERRHEINISCHE BEWACHUNGS-GESELLSCHAFT MBH
          Achenbachstr. 59, 40237 Dusseldorf

          Dr. Biner Bahr, Insolvency Manager
          Jagerhofstrasse 29, 40479 Dusseldorf


PARK HOTEL: Creditors Have Until November to File Claims
--------------------------------------------------------
The district court of Potsdam opened bankruptcy proceedings
against "Park Hotel Seehof GmbH" on Oct. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Nov. 19, 2004 to register their
claims with court-appointed provisional administrator Christian
Graf Brockdorff.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 22, 2004, 8:45 a.m. at the district court of
Potsdam Nebenstelle Lindenstrasse 6, Saal 004 statt at which
time the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  "PARK HOTEL SEEHOF GMBH"
          Contact:
          Prof. Dr.-Ing. Klaus-Gerd Lederer, Manager
          Thomas Badstubner
          Am Seehof, 14778 Beetzsee

          Christian Graf Brockdorff, Administrator
          Breite Strasse 9 A, 14467 Potsdam


PH. H. BAUGESELLSCHAFT: Creditors' Meeting Set November
-------------------------------------------------------
The district court of Cloppenburg opened bankruptcy proceedings
against PH. H. Baugesellschaft mbH on Oct. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Dec. 17, 2004 to register their
claims with court-appointed provisional administrator Hans Peter
Goken.

Creditors and other interested parties are encouraged to attend
the meeting on Nov. 19, 11:15 a.m. at Saal 6, Hauptgebaude,
Burgstrasse 9, 49661 Cloppenburg at the district court of
at which time the administrator will present his first report of
the insolvency proceedings.  The court will verify the claims
set out in the administrator's report on Jan. 7, 2005, 11:00
a.m. at the same venue.

CONTACT:  PH. H. BAUGESELLSCHAFT MBH
          Schaferstrasse 11, 26219 Bosel
          Contact:
          Alfons Elberfeld, Manager
          Oppelner Weg 1, 26219 Bosel

          Hans Peter Goken, Insolvency Manager
          Muhlenstrasse 11, D-26169 Friesoythe,
          Phone: 04491/92950
          Fax: 04491/929544


SCHAFER METALLBAU: Creditors Have Until this Week to File Claims
----------------------------------------------------------------
The district court of Stuttgart opened bankruptcy proceedings
against Schafer Metallbau GmbH & Co. KG on Oct. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Oct. 29, 2004
to register their claims with court-appointed provisional
administrator Wolfgang Hauser.

Creditors and other interested parties are encouraged to attend
the meeting on November 25, 10:00 a.m. at the district court
of Stuttgart, Hauffstr 5, EG, Saal 4 at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  SCHAFER METALLBAU GMBH & CO. KG
          Maybachstr. 14
          71332 Waiblingen,
          Contact: Franz Josef Pauser, Manager

          Wolfgang Hauser, Insolvency Manager
          Mohringer Landstrasse 5
          70563 Stuttgart
          Phone: 0711/90134-20
          Fax: 0711/90134-49


SCHILDWACHTER GBR: Creditors to Meet Next Month
-----------------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against Schildwachter GbR Oct. 5.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Nov. 8, 2004 to register their claims with
court-appointed provisional administrator Dr. Jong Nerlich.

Creditors and other interested parties are encouraged to attend
the meeting on Nov. 15, 2004, 9:15 a.m. at the district court of
Dusseldorf Hauptstelle, Muhlenstrasse 34, 40213 Dusseldorf, 3.OG
Altbau, A 388 at which time the administrator will present his
first report of the insolvency proceedings.  The court will
verify the claims set out in the administrator's report on Nov.
29, 2004, 9:15 a.m. at the same venue.

CONTACT:  SCHILDWACHTER GBR
          Am Wehrhahn 100, 40211 Dusseldorf
          Contact:
          Jurgen Schildwachter, Manager
          Dorotheenstrasse 23, 40235 Dusseldorf
          Peter-Jan Schildwachter, Manager
          Melanchtonstrasse 3, 41466 Neuss

          Dr. Jorg Nerlich, Insolvency Manager
          Louise-Dumont-Str. 25, 40211 Dusseldorf


SMB FENSTER: Administrator Takes over Operations
------------------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against SMB Fenster- und Turenbau GmbH i.L. on Oct. 4.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Nov. 16, 2004
to register their claims with court-appointed provisional
administrator Heiko Kratz.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 16, 2004, 10:00 a.m. at Saal 145, district
court of Leipzig at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  SMB FENSTER- UND TURENBAU GMBH I.L.
          LPG Str. 20, 04575 Neukieritzsch
          Contact:
          Helfried Sacher, Manager

          Heiko Kratz, Insolvency Manager
          Fregestrasse 29, 04105 Leipzig


WUESTENROT BANK: 'C' Individual Rating Affirmed
-----------------------------------------------
Fitch Ratings affirmed both Wuestenrot Bank AG's (WB) and
subsidiary Wuestenrot Hypothekenbank AG's (WHyp) ratings at
Long-term 'BBB+', Short-term 'F2', Individual ratings 'C' and
Support '2'.  The Outlook for the Long-term ratings is Stable.

Additionally, Fitch has affirmed WHyp's public sector Pfandbrief
rating at 'AAA' and its mortgage Pfandbrief rating at 'AA+'.

WB's Long-term, Short-term and Support ratings reflect the
potential support available from the group holding company, W&W
AG.  Should W&W be unable to provide support to WB, it is
Fitch's opinion that capital support would be practically
sourced from WB's financially strong sister bank, Wuestenrot
Bausparkasse (WBSK).  WB's Individual rating is based on the
close operational ties with WBSK, its still low credit risk and
its enhanced risk management.  It also considers WB's small size
in the highly fragmented German home loan market, weak
capitalization and low profitability.  WHyp's ratings are
equalized with the ratings of its parent, WB, reflecting the
strong business integration as well as the profit-and-loss
sharing agreement between the two.

WB acquired WHyp at end-2003 as part of changes to W&W's banking
operations. WHyp's business is being integrated into that of WB
to make its mortgage bank status available for the rest of the
W&W's banking operations.  Approval from the German regulator,
BaFin, is being sought for this business model.  WHyp's existing
commercial mortgage and public sector lending are being run-off.
In light of the new Pfandbrief law, the banks are likely to
merge during 2005.

Over 95% of WB's mortgage loans are for residential, largely
owner-occupied and domestic properties.  Actual loan losses have
been low, at 0.26% of loans in 2003 at WB, and even lower at
WHyp.  WHyp's asset quality has been affected by commercial
mortgage lending.  While its reserve coverage is adequate at
around 30%, this could change depending on the future state of
the German property sector.  WB, WBSK and WHyp are the banking
arms of the W&W bancassurance group and specialize in domestic
home finance.

W&W draws strength primarily from its strongest two
subsidiaries, WBSK and Wuerttembergische Lebensversicherung.  In
particular, the former is a stable pillar of the group due to
its low-risk savings and home loan (Bauspar) business and its
sound capitalization.  WBSK has re-captured some of the market
share lost in 2003 and currently has around 10% market share.

W&W was formed in 1999 by the merger of the Wuestenrot banking
and Wuerttembergische insurance groups, and distributes
residential mortgage financing and insurance products throughout
Germany.  W&W has over EUR55 billion assets, 5.5 million
customers and a well-known brand.

CONTACT:  FITCH RATINGS
          Michael Steinbarth, London
          Phone: +44 20 7862 4068

          Britta Graf-Tiedtke, Frankfurt
          Phone: +49 69 7680 76160

          Media Relations:
          Campbell McIlroy, London
          Phone: +44 20 7417 4327


=============
I R E L A N D
=============


ELAN CORPORATION: Settles Class Action for US$75 Million
--------------------------------------------------------
Elan Corporation, plc has reached an agreement to settle the
previously disclosed consolidated class action pending in the
U.S. District Court for the Southern District of New York.  The
class action, which consolidated several class actions filed in
early 2002, names the Company and certain of its former and
current officers and directors as defendants.  The settlement
was submitted to the Court for preliminary approval Monday.
Elan expects that the Court, which reserved decision on the
settlement, will issue an order granting preliminary approval of
the settlement in due course.

The Company also announced that it and the Staff of the U.S.
Securities and Exchange Commission have reached a provisional
agreement to settle the investigation by the SEC's Division of
Enforcement that commenced in February 2002.  The provisional
settlement, which is subject to final approval by the
Commissioners of the S.E.C., will conclude all aspects of the
investigation with respect to Elan.

"This is an important step forward for Elan, its shareholders
and patients.  Taking this step will enable us to focus all of
our energies on bringing innovative science to patients," said
Kelly Martin, Elan's president and chief executive officer.

                Terms of Class Action Settlement

Under the class action settlement, all claims against the
Company and the other named defendants will be dismissed with no
admission or finding of wrongdoing on the part of any defendant.
The principal terms of the settlement provide for an aggregate
cash payment to class members of US$75 million, out of which the
Court will be asked to award attorneys' fees to plaintiffs'
counsel, and US$35 million of which will be paid by the
Company's insurance carrier.

The terms of the settlement are subject to preliminary and final
Court approval and notice to class members.  The Company expects
the Court to issue an order granting preliminary approval of the
settlement in due course.

            Terms of Provisional Settlement with S.E.C.

Under the agreement provisionally reached with the S.E.C. Staff,
the Company will neither admit nor deny the allegations
contained in the SEC's civil complaint, which will include
allegations of violations of certain provisions of the federal
securities laws, including Section 10(b) of the Securities
Exchange Act of 1934 and Rule 10b-5 thereunder.

The settlement will contain a final judgment restraining and
enjoining the Company from future violations of these
provisions.  In addition, under the final judgment, the Company
will agree to pay a civil penalty of US$15 million.  In
connection with the settlement, the Company will not be required
to restate or adjust any of its historical financial results or
information.  The terms of the settlement are provisional and
are subject to the final approval of the Commissioners of the
S.E.C.  If approved, the settlement will conclude all aspects of
the investigation with respect to Elan.

On October 4, 2004, the Company announced that it had included
in its financial statements a reserve of US$55 million, net of
insurance coverage, to cover the Company's estimated liability
related to the shareholder class action and the S.E.C.
investigation.

                           About Elan

Elan is a neuroscience-based biotechnology company that is
focused on discovering, developing, manufacturing, selling and
marketing advanced therapies in neurodegenerative diseases,
autoimmune diseases and severe pain.  Elan's (NYSE: ELN) shares
trade on the New York, London and Dublin Stock Exchanges.

CONTACT:  ELAN CORPORATION
          Investor Relations:
          Emer Reynolds
          Phone: 353-1-709-4000/800-252-3526

          Media Relations:
          Anita Kawatra
          Phone: 212-407-5740/800-252-3526


=========
I T A L Y
=========


ALITALIA SPA: European Union Wants More Details on Business Plan
----------------------------------------------------------------
The European Commission has requested the government to provide
more details on Alitalia's planned capital increase, Il Sole 24
Ore says.

A spokesman for outgoing European transport commissioner Loyola
de Palacio confirmed the request.  The commission wants to take
account of the balance sheet and capital of state holding
company Fintecna, which has agreed to acquire 49% of Alitalia's
ground services arm AZ Service.  Fintecna will take the stake in
exchange for injecting EUR750 million into the new unit.

It is expected the request would lengthen the commission's
review of Alitalia's 2005-2008 business plan, including its
financing, by several weeks.  Following a meeting with Ms. de
Palacio recently, Alitalia Chairman Giancarlo Cimoli said he
expects the commission to launch an in-depth investigation.

CONTACT:  ALITALIA S.p.A.
          Viale A. Marchetti 111
          00148 Rome, Italy
          Phone: +39 06 6562 2151
          Fax: +39 06 6562 4733
          Web site: http://www.alitalia.it


PARMALAT FINANZIARIA: Parmatour Unit Attracts 50 Buyers
-------------------------------------------------------
Around 50 possible buyers expressed interest in acquiring
Parmalat's tourism arm Parmatour, Il Osle 24 Ore says.  They
include real estate group Pirelli Real Estate, travel company
Viaggi del Ventaglio and German travel firm TUI.

Parmatour disclosed Thursday its debts have reached EUR826
million, which includes EUR353 million in banking debt.  The
travel company booked EUR48 million in turnover and EUR118
million in business volume.

Parmatour's businesses include travel agencies, tour operators,
holiday villages in Italy and abroad.  The group also operates a
travel Web site.

CONTACT:  PARMALAT FINANZIARIA S.p.A.
          Piazza Erculea 9
          20122 Milan, Italy
          Phone: +39-02-806-8801
          Fax: +39-02-869-3863
          Web site: http://www.parmalat.net

          TUI AG
          Karl-Wiechert-Allee 4
          D-30625 Hanover, Germany
          Phone: +49-511-566-00
          Fax: +49-511-566-1098
          Web site: http://www.tui.com

          VIAGGI DEL VENTAGLIO S.p.A.
          Via dei Gracchi, 35
          20146 Milan
          Web site: http://www.ventaglio.com


VOLARE GROUP: Managing Director Leaves
--------------------------------------
Volare Group managing director Andrea Molinari has resigned from
the charter and budget airline, according to Europe Intelligence
Wire.

Volare is putting a plan to raise between EUR80 million and
EUR100 million in new capital for shareholders' approval early
next month.  The company will use the amount to cover debts and
reduces loses.  The parent company of Volare Airlines, Volare
Web and Air Europe booked EUR300 million in debt and a EUR45
million net loss at the end of 2003.  Earlier, chairman, Mauro
Gambaro, warned the company might not able to survive beyond
this month.

CONTACT:  VOLARE GROUP S.p.A.
          Via Pirelli, 20
          20124 Milan
          Phone: (+39) 02 673 631
          Fax: (+39) 02 673 630 90
          Web site: http://www.volare-group.it


===================
L U X E M B O U R G
===================


MILLICOM INTERNATIONAL: Subsidiary Renews GSM Deal in Pakistan
--------------------------------------------------------------
Millicom International Cellular S.A.'s subsidiary Paktel signed
agreements with the Pakistan regulator (PTA) to switch on its
GSM network with immediate effect without charge and to renew
its license for 15 years from October 23, 2004.

Paktel and the PTA have agreed deferred payment terms for the
license fee of US$291 million for the license, which will enable
Paktel to pay 50% of the license fees in installments over the
first three years of the license.  The second 50% of the license
fee will be payable in ten yearly payments from 2008 through to
2017.  Payments already made by Paktel for the GSM migration
since 2002, totaling some US$14 million, will be treated as the
first down payment towards Paktel's new license fee.  Paktel has
been awarded additional 1800 spectrum, increasing its total
spectrum for its GSM network from 10MHz to 13.6MHz.

Marc Beuls, President and CEO commented: "We are very pleased
that we can launch Paktel's GSM services in a fast growing
market, so allowing the company to build a substantial customer
base ahead of the new operators coming into the market next
year.

The 15-year extension of the license combined with the deferred
payment terms means that Millicom will be able to meet Paktel's
investment and license commitments primarily out of the
operating cash flows generated by Paktel.  The cash shortfall
during the first two years, which is expected to be
approximately US$50 million, will paid out of Millicom's free
cash flow.  We believe that Pakistan, with over 150 million
people and a fast growing economy, will be one of the most
attractive mobile telephony markets in the world in the coming
years."

Millicom International Cellular S.A. (Nasdaq Stock Market: MICC,
Stockholmsborsen and Luxembourg Stock Exchange: MIC), is a
global telecommunications investor with cellular operations in
Asia, Latin America and Africa.  It currently has a total of 16
cellular operations and licenses in 15 countries.  The Group's
cellular operations have a combined population under license of
approximately 387 million people.

                            *   *   *

In Sept., Standard & Poor's Ratings Services revised its outlook
on Millicom International to negative from stable due to
concerns over recent developments in two of its Asian markets.
This market is key to Millicom, boasting strong revenue and
profit opportunities, and is viewed as an important support to
the ratings.

At the same time, Standard & Poor's affirmed its 'B+' long-term
corporate credit and 'B-' senior unsecured debt ratings on
Millicom.

CONTACTS:  MILLICOM INTERNATIONAL CELLULAR S.A.
           Marc Beuls
           President and Chief Executive Officer
           Phone:  +352 27 759 327
           Web site: http://www.millicom.com

           Andrew Best
           Investor Relations
           Phone:  +44 20 7321 5022


=====================
N E T H E R L A N D S
=====================


ISPAT INTERNATIONAL: Ratings on CreditWatch After Merger Deal
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on Dutch-
registered steel consortium Ispat International N.V. and U.S.-
based International Steel Group Inc. (ISG) on CreditWatch with
positive implications.

Prior to the CreditWatch action, Standard & Poor's raised its
'B' corporate credit and senior secured debt ratings to 'BB-'
for Ispat and its subsidiaries, Ispat Inland Inc., Ispat Inland
L.P., Ispat Europe Group S.A., Ispat Mexicana S.A de C.V., and
Ispat Sidbec Inc.

The Credit Watch placement and rating upgrade follow the
announcement that Ispat will acquire sister company LNM Holdings
N.V., one of Europe's lowest-cost steelmakers, and that the
combined group has agreed to acquire ISG, North America's
largest steelmaker.  The acquisitions, which are subject to
shareholder and regulatory approvals, would create the world's
largest steelmaker, and an entity with a stronger credit profile
than that of Ispat and ISG on a standalone basis.

"The combined entity could be rated investment grade, subject to
management's disclosure of its financial policies and its
appetite for further acquisitions," said Standard & Poor's
credit analyst Tommy Trask.

The combined company, to be named Mittal Steel Co. N.V., is
expected to have US$3.2 billion of net debt and approximately
US$1.5 billion of pension and other post employment benefit
liabilities (net of tax) at the end of 2004, while generating
US$5.1 billion of net income in 2004 on steel shipments of 57
million tons.  Mittal Steel will rank as the world's largest
steel producer in terms of volume, earnings and market
capitalization.

The key attractions of the combined entity are strong market
position, geographical diversification, and low-cost operations
characterized by strong vertical integration into iron ore (40%
self-sufficiency) and coke (100% self-sufficiency).  The debt
level is considered moderate, given the strong cash flow
generation.

The CreditWatch action will be resolved on consummation of the
proposed transactions.  The first step (Ispat's acquisition of
LNM) should be completed by the end of 2004, while the second
step (Ispat's merger with ISG) is planned to be completed by the
end of the first quarter of 2005.

Complete ratings information is available to subscribers of
RatingsDirect, Standard & Poor's Web-based credit analysis
system, at http://www.ratingsdirect.com. All ratings affected
by this rating action can be found at
http://www.standardandpoors.com.

CONTACT:  ISPAT INTERNATIONAL N.V. (NYSE: IST [ADR])
          Hofplein 20, 15th Fl.
          3032 Rotterdam, The Netherlands
          Phone: +31-10-282-9465
          Fax: +31-10-282-9468
          Web site: http://www.ispat.com


NEW SKIES: Senior Subordinated Notes Rated Caa1
-----------------------------------------------
Moody's Investors Service assigns a B2 senior implied rating,
and a B3 senior unsecured issuer rating to New Skies Satellites,
B.V.  It concurrently assigned a B1 rating to the firm's uS$75
million senior secured revolving credit facility, and US$460
million senior secured term loan; and a B3 rating to its US$160
million senior unsecured floating rate not.  New Skies' US$125
million senior subordinated notes were rated Caa1.  The outlook
for all ratings is stable.

Moody's said the rating actions reflect substantial financial
risk associated with its proposed recapitalization, significant
operating risk inherent in the satellite industry, and
challenging competitive environment.

The rating agency expressed concern on New Skies' small size: it
has only five satellites in its operating fleet.

"New Skies operating flexibility is more limited, and the
relative impact of a potential in-orbit loss to the company's
overall financial strength is significantly higher," Moody's
said.  But it added that the quality, age, unused capacity and
strong track record of the New Skies fleet to date partially
mitigates this risk.

Moody's notes the communication industry is beset with
oversupply.  Looking forward, it does not expect New Skies'
margins to improve in the near term as a result of possible
developments in the market largely due to significant insurance
costs.

CONTACT:  NEW SKIES
          Web site: http://www.newskies.com


ROYAL AHOLD: To Pay SEK7.35 Bln for Canica's ICA Stake
------------------------------------------------------
Koninklijke Ahold has reached final agreement with Canica a.s.
on the purchase price of Canica's 20% interest in the
Scandinavian joint venture ICA AB.  Ahold became obligated to
buy Canica's interest as a result of Canica's exercise on July
12, 2004 of its put option under the existing Shareholders'
Agreement for the ICA AB joint venture.

The total purchase price, including premium, to be paid by Ahold
for the 20% stake amounts to SEK7.35 billion (approximately
EUR811 million).  The purchase price was agreed between Ahold
and Canica without having to resort to the independent valuation
procedure provided for in the Shareholders' Agreement.  ICA
Forbundet Invest AB, the other ICA AB joint venture partner, has
agreed, as earlier announced on July 19, 2004, to purchase in
cash from Ahold half of the Canica stake for SEK2.89 billion
(approximately EUR318 million).  After giving effect to these
purchases, Ahold and ICA Forbundet will own 60% and 40%,
respectively, of ICA AB.  Closing of the transactions is
expected before the end of November 2004.

As a result of the agreement between Ahold and ICA Forbundet,
Ahold will pay more per share to Canica than it will receive
from ICA Forbundet, which will result in Ahold recording an
expense of EUR87 million in the third quarter of 2004 under
Dutch GAAP.  As part of that agreement, among other things, all
put arrangements in the Shareholders' Agreement will be
abolished upon completion of the abovementioned transactions.

                Extraordinary dividend of ICA AB

After the completion of the purchases of the Canica stake in ICA
AB, Ahold and ICA Forbundet intend to cause ICA AB to pay an
extraordinary dividend of SEK5.5 billion (approximately EUR606
million).  This dividend will be paid to Ahold and ICA Forbundet
in proportion to their final stake in ICA AB, respectively 60%
and 40%.  By doing this, both shareholders make use of the
strong balance sheet of ICA AB.  Ahold and ICA Forbundet intend
to cause an extraordinary general meeting of shareholders of ICA
AB to be held as soon as practicable after the completion of the
purchases of Canica's stake.

                           Financing

Ahold intends to use available cash to fund the purchase of
Canica's shares.  The funds that Ahold will receive as a result
of the extraordinary dividend will be added to its cash
balances, replenishing a portion of the cash it will pay to
Canica.  The total net liquidity impact for Ahold, for the share
transactions and the receipt of the extraordinary dividend, will
be a cash outflow of approximately EUR129 million.

"We are very pleased with [the] announcement.  The agreement
with Canica represents a significant step in Ahold's 'Road to
Recovery' and concludes another issue that caused uncertainty
for stakeholders," commented Ahold President and CEO Anders
Moberg.  "ICA is a strong and leading supermarket brand in
Scandinavia.  [This] announcement also highlights the stable and
healthy foundation and strengthened cooperation with which Ahold
and ICA Forbundet will take the joint venture forward."

CONTACT:  ROYAL AHOLD
          Corporate Communications
          Phone: +31.75.659.5720


===========
P O L A N D
===========


BANK OCHRONY: Fitch Affirms 'D' Individual Rating
-------------------------------------------------
Fitch Ratings affirmed the Poland-based Bank Ochrony
Srodowiska's ratings at Long-term 'BBB-', Short-term 'F3',
Individual 'D' and Support '2'.  The Outlook on the Long-term
rating remains Stable.

The Long-term, Short-term and Support ratings are based on the
potential support available to the bank from the Polish state
should it ever be required.  BOS is 45%-owned by National Fund
for Environmental Protection and Water Management, an
organization that is to some extent controlled by the Ministry
of Environment.  BOS currently distributes around half of all
environmental loans funded by the state.

The Individual rating takes into account BOS' profitability,
which continues to be weak, although it improved on a pre-
provisioning operating level in 1H2004.  Asset quality is poor
in a depressed operating environment and Fitch considers reserve
coverage to be low.  However, BOS is benefiting from the
involvement of Sweden-based SEB, which has a 47%-interest in the
bank.

"SEB's involvement is constrained by its minority stake in BOS,"
says Tim Beck of Financial Institutions at Fitch.  "However, co-
operation has increased and BOS has benefited to some extent
from SEB's expertise in commercial practices."

BOS was founded to finance environmental protection projects but
has since diversified to become a medium-sized universal bank.

CONTACT:  FITCH RATINGS
          Tim Beck, London
          Phone: +44 (0) 20 7417 3460

          Claudia Nelson
          Phone: +44 (0) 20 74717 4269

          Media Relations:
          Campbell McIlroy, London
          Phone: +44 20 7417 4327


ELEKTRIM SA: Proposing to Sell Shares for ZE PAK Project
--------------------------------------------------------
Elektrim S.A. is proposing to sell shares to raise fund for the
construction of new power block at the ZE PAK power plant,
according to Warsaw Business Journal.

The company needed EUR350 million to conclude its investment.
It is applying for a loan from banks, but the deal hinges on an
agreement with the National Grid.

"We are fed up with waiting for the decision of the National
Grid concerning deliveries of our energy, said Zygmunt Solorz-
Zak, the largest shareholder in Elektrim.

Elektrim is to submit to the Treasury Ministry new proposals,
which included the rights issue, for funding the project this
week.

"The new shares could be purchased by a foreign sector investor,
which should be no problem, as we have already initial
declarations. These are large energy companies, which could
guarantee the investment," explained Mr. Solorz-Zak.

CONTACT:  ELEKTRIM S.A.
          Panska 77/79
          00-834 Warszawa

          Public relations:
          Ewa Bojar
          Company Spokesman
          Phone: (+48 22) 432 89 55
          Fax:   (+48 22) 432 87 99
          E-mail: ewa_bojar@elektrim.pl

          Investor relations:
          Phone: (+48 22) 432 87 75
          Fax:   (+48 22) 432 87 99
          Web site: http://www.elektrim.pl

          ELEKTROWNIA PATNOW
          62-510 Konin
          ul. Kazimierska 45
          Phone: +48(63) 247-30-00
          Fax: +48(63) 247-30-30
          Web site: http://www.zepak.com.pl


===============
P O R T U G A L
===============


CAIXA ECONOMICA: Individual Rating at 'C'; Outlook Negative
-----------------------------------------------------------
Fitch Ratings affirmed Caixa Economica Montepio Geral's ratings
at Long-term 'A-', Short-term 'F2', Individual 'C' and Support
'4'.  The rating Outlook remains Negative.

The Long-term, Short-term and Individual ratings reflect
Montepio Geral's relatively low-risk mortgage lending
activities, sound regulatory capital base and its strong
franchise in its niche business.  The Negative Outlook reflects
the bank's low profitability, as competitive pressures, the need
to improve liquidity to comply with the Bank of Portugal's more
stringent requirements and lower interest rates have
significantly reduced the bank's margin, its traditional
strength.  Loan loss provisions have also been high, largely
owing to increased non-performing loans and a change in Bank of
Portugal regulations.

In 2003 a new chairman and other members of the board of
directors were appointed, and the bank is now more actively
seeking to improve commission income by increasing the cross-
selling of the group's products, notably pensions, insurance and
investment funds, and raising additional fees from banking
services.  However, net fees and commission income still only
accounted for 18% of net operating revenues in H104.  Management
is also making efforts to control overheads and funding costs.
In H104 the bank's profitability improved slightly but remained
low.

Asset quality has seen some deterioration, with non-performing
loans accounting for 3.7% of total loans at end-June 2004.
However, loan loss coverage was 85%, which is ample as around
78% of non-performing loans are secured by mortgages.  Exposure
to market risks is limited.

Montepio Geral focuses on collecting retail deposits and
providing housing and construction-related loans.  It had an
8.9% share of the Portuguese mortgage lending market at end-
2003.  It is wholly owned by Montepio Geral Associacao
Mutualista, a not-for-profit mutual organisation, which provides
social benefits to its members.

The credit research on Montepio Geral is available on Fitch's
subscription Web site -- http://www.fitchresearch.com-- or by
contacting the agency's Ratings Desk in London at Phone: +44 20
7417 6300.

CONTACT:  FITCH RATINGS
          Santiago Gallo, London
          Phone: +44 207 417 4250

          Philip Smith
          Phone: +44 207 417 4340

          Media Relations:
          Campbell McIlroy, London
          Phone: +44 20 7417 4327


===========
R U S S I A
===========


METAL PROCESSING: Hires A. Demin Insolvency Manager
---------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy proceedings against Metal Processing after finding
the limited liability company insolvent.  The case is docketed
as A43-12876/03-318-23.  Mr. A. Demin has been appointed
insolvency manager.  Creditors have until November 17, 2004 to
submit their proofs of claim to 603167, Russia, Nizhniy
Novgorod, Marshala Kazakova Str. 3, Office 701.

CONTACT:  METAL PROCESSING
          Russia, Nizhniy Novgorod,
          Nartova Str. 6

          Mr. A. Demin
          Insolvency Manager
          603167, Russia,
          Nizhniy Novgorod,
          Marshala Kazakova Str. 3,
          Office 701


NIZHEGORODSKIY FUR: Sets Deadline for Proofs of Claim
-----------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy proceedings against Nizhegorodskiy Fur after finding
the open joint stock company insolvent.  The case is docketed as
A43-1679/04-24-46.  Mr. A. Burzilov has been appointed
insolvency manager.  Creditors have until November 18, 2004 to
submit their proofs of claim to 603155, Russia, Nizhniy
Novgorod, Trudovaya Str. 8-37.

CONTACT:  NIZHEGORODSKIY FUR
          Russia, Nizhniy Novgorod region,
          Dalnekonstantinovskiy region, Rumstikha

          Mr. A. Burzilov
          Insolvency Manager
          603155, Russia,
          Nizhniy Novgorod,
          Trudovaya Str. 8-37
          Phone/Fax: 8 (8312) 193309


NIZHNEUDINSKIY BAKERY: Appoints I. Dubinin Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Irkutsk region has commenced bankruptcy
proceedings against Nizhneudinskiy Bakery after finding the
unitary municipal enterprise insolvent.  The case is docketed as
A19-15481/04-38.  Mr. I. Dubinin has been appointed insolvency
manager.

Creditors may submit their proofs of claim to 665106, Russia,
Irkutsk region, Nizhneudinsk, Sovetskaya Str. 16.

CONTACT:  Mr. I. Dubinin
          Insolvency Manager
          665106, Russia, Irkutsk region,
          Nizhneudinsk, Sovetskaya Str. 16
          Phone/Fax: 7-12-92


POKROVSKIY DAIRY: Undergoes Bankruptcy Supervision Procedure
------------------------------------------------------------
The Arbitration Court of Rostov region has commenced bankruptcy
supervision procedure on limited liability company Pokrovskiy
Diary.  The case is docketed as A53-14376/2004-S2-9.  Ms. G.
Taskina has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 344002, Russia,
Rostov-na-Donu, B. Sadovaya Str. 96, Office 204.  A hearing will
take place on November 1, 2004.

CONTACT:  POKROVSKIY DAIRY
          Russia, Rostov region,
          Neklinovskiy region, Pokrovskoye,
          O. Koshevogo Str. 22

          Ms. G. Taskina
          Temporary Insolvency Manager
          344002, Russia,
          Rostov-na-Donu,
          B. Sadovaya Str. 96, office 204


RESEARCH-AND-PRODUCTION: Deadline for Proofs of Claim Set
---------------------------------------------------------
The Arbitration Court of Novosibirsk region has commenced
bankruptcy proceedings against The Research-And-Production
Enterprise after finding the limited liability company
insolvent.  The case is docketed as A45-1922/04-SB/20.  Mr. V.
Makarov has been appointed insolvency manager.  Creditors have
until November 17, 2004 to submit their proofs of claim to
630501, Russia, Novosibirsk region, Krasnoobsk, Post User Box
325.

CONTACT:  THE RESEARCH-AND-PRODUCTION ENTERPRISE
          630501, Russia,
          Novosibirsk region, Krasnoobsk,
          institute SibNIPTIZh, Room 146

          Mr. V. Makarov
          Insolvency Manager
          630501, Russia,
          Novosibirsk region, Krasnoobsk,
          Post User Box 325
          Phone: 48-53-06


SEVER-NEFTE-PERERABOTKA: Under Bankruptcy Supervision
-----------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region has
commenced bankruptcy supervision procedure on close joint stock
company Sever-Nefte-Pererabotka.  The case is docketed as A-75-
280-B/04.  Mr. A. Kotelnikov has been appointed temporary
insolvency manager.

Creditors have to submit their proofs of claim to 614036,
Russia, Perm region, Leonova Str. 23, Office 1.  A hearing will
take place on January 17, 2005, 9:00 a.m.

CONTACT:  SEVER-NEFTE-PERERABOTKA
          628480, Russia,
          Khanty-Mansiyskiy autonomous region,
          Kogalym, Molodyezhnaya Str. 26-39

          Mr. A. Kotelnikov
          Temporary Insolvency Manager
          614036, Russia,
          Perm region,
          Leonova Str. 23, Office 1


SEWING-FANCY-GOODS: Altay Court Appoints Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Altay region has commenced bankruptcy
proceedings against Sewing-Fancy-Goods Combine after finding the
open joint stock company insolvent.  The case is docketed as
A03-12217/03-B.  Mr. A. Bakharev has been appointed insolvency
manager.  Creditors have until November 17, 2004 to submit their
proofs of claim to 659305, Russia, Altay region, Biysk, Post
User Box 46.

CONTACT:  SEWING-FANCY-GOODS COMBINE
          659930, Russia,
          Altay region, Biysk,
          Krasilnikova Str. 215a

          Mr. A. Bakharev
          Insolvency Manager
          659305, Russia,
          Altay region, Biysk,
          Post User Box 46


SHADRINSKIY: Creditors Have Until November to File Claims
---------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy proceedings against Shadrinskiy after finding the
agricultural industrial complex insolvent.  The case is docketed
as A43-1692/04-24-41.  Mr. A. Burzilov has been appointed
insolvency manager.  Creditors have until November 18, 2004 to
submit their proofs of claim to 603155, Russia, Nizhniy
Novgorod, Trudovaya Str. 8-37.

CONTACT:  SHADRINSKIY
          Russia, Nizhniy Novgorod region,
          Koverninskiy region, Shadrino

          Mr. A. Burzilov
          Insolvency Manager
          603155, Russia,
          Nizhniy Novgorod,
          Trudovaya Str. 8-37
          Phone/Fax: 8 (8312) 193309


SIB-METALLURG-MONTAZH: Declared Insolvent
-----------------------------------------
The Arbitration Court of Kemerovo region has commenced
bankruptcy proceedings against Sib-Metallurg-Montazh after
finding the novokuznetskoye dedicated assembly-transport
enterprise insolvent.  The case is docketed as A27-11081/2004-4.
Mr. G. Kuptsov has been appointed insolvency manager.
Creditors have until November 17, 2004 to submit their proofs of
claim to 650021, Russia, Kemerovo, Petrozavodskaya Str., 1B.

CONTACT:  SIB-METALLURG-MONTAZH
          Russia, Kemerovo region,
          Novokuznetsk, Tsiolkovskogo Str. 9

          Mr. G. Kuptsov
          Insolvency Manager
          650021, Russia,
          Kemerovo, Petrozavodskaya Str. 1B


SVIRSKIY ACCUMULATOR: Sets Deadline for Proofs of Claim
-------------------------------------------------------
The Arbitration Court of Irkutsk has commenced bankruptcy
proceedings against Svirskiy Accumulator Works-5 after finding
the limited liability company insolvent.  The case is docketed
as A19-1478/02-11-49.  Creditors have until November 17, 2004 to
submit their proofs of claim to 664025, Russia, Irkutsk, Post
User Box 157.

CONTACT:  SVIRSKIY ACCUMULATOR WORKS-5
          Russia, Irkutsk region,
          Svirsk, Promuchastok 1


YUKOS OIL: Partner Withdraws Men, Equipment from Yuganskneftegaz
----------------------------------------------------------------
Oilfield services company Schlumberger Ltd. confirmed on Monday
it is recalling resources it deployed at Yukos Oil's main
production unit, Associated Press reports.

Gleb Ovsyannikov, media relations director at Schlumberger's
Russian division, said personnel and equipment stationed at
fields belonging to Yuganskneftegaz, are being transferred to
other clients.  Mr. Ovsyannikov warned of further equipment
recalls should the unit's financial situation do not improve.

Yuganskneftegaz, which accounts for 60% of Yukos' oil
production, is in line to be sold to cover its parent's
outstanding US$7 billion tax bill.  Yukos is prevented from
selling non-core assets, and its accounts are frozen.  Yukos
chief financial officer Bruce Misamore said last week the
company was behind in making current payments to contractors and
tax authorities.  The firm's entire US$1 billion in monthly
revenues were being used to pay down the back taxes, he said.

Yuganskneftegaz also recently received a blow after it was cited
for drilling violations.  The National Resources Ministry has
given it six months to comply with regulations to keep its
license.

CONTACT:  YUKOS OIL
          International Information Department
          Hugo Erikssen
          Phone: +7 095 540 6313
          E-mail: inter@yukos.ru

          Press Service:
          Alexander Shadrin
          Phone: +7 095 785-08-55
          E-mail: pr@yukos.ru

          Investor Relations
          Alexander Gladyshev
          Phone: +7095 788 00 33
          E-mail: investors@yukos.ru


=========
S P A I N
=========


IZAR: Pays EUR3 Million for Delaying Contract
---------------------------------------------
Troubled shipbuilder Izar Construcciones Navales a.s. has agreed
to pay around EUR3.9 million to an Algerian state transport
company for delays in the delivery of two ferries, Expansion
says.

Empresa Nacional de Transporte de Viajeros y Vehiculos (Enmtv)
originally demanded EUR6 million in compensation, but reduced
the figure to EUR3 million after considering Izar's current fix,
which includes strikes against a proposed split of its military
and civilian divisions.  Izar delivered the first vessel, which
was finished in June, Thursday.  Izar would deliver the second
ferry next month.

Meanwhile, the chairman of bank Caja San Fernando said his bank
has not made any proposals to inject capital into Izar's civil
shipbuilding division.

CONTACT:  IZAR CONSTRUCCIONES NAVALES a.s.
          Velazquez Street 132
          28006 Madrid, Spain
          Phone: +34 91 335 84 00
          Fax: +34 91 335 86 52
          E-mail: izar@izar.es
          Web site: http://www.izar.es

          SOCIEDAD ESTATAL DE PARTICIPACIONES INDUSTRIALES
          Velasquez, 134
          28006 Madrid, Spain
          Phone: +34-91-396-10-00
          Fax: +34-91-562-87-89
          Web site: http://www.sepionline.com


IZAR: SEPI Scraps Plan; Creates Holding Company
-----------------------------------------------
Sociedad Estatal de Participaciones Industriales (SEPI) has
cancelled plans to separate debt-ridden Izar's civilian and
military units and sell the former, El Pais says.

Instead, SEPI now plans to set up a holding company, comprised
of a state-run military construction company and a privately
owned merchant shipbuilder.  Under the revised plan, Izar's San
Fernando and Fene yards would be absorbed into the naval
business while other yards would stay within the civilian unit.

SEPI's decision came after it met a barrage of nationwide
protests marred with violence.

Meanwhile, SEPI allocated EUR1.3 billion in 2005 to finance
Izar's early retirement program.  The state holding company
plans to inject EUR370 million to its new defense business.
Unions gave different reactions on the plan.

CONTACT:  IZAR CONSTRUCCIONES NAVALES a.s.
          Velazquez Street 132
          28006 Madrid, Spain
          Phone: +34 91 335 84 00
          Fax: +34 91 335 86 52
          E-mail: izar@izar.es
          Web site: http://www.izar.es

          SOCIEDAD ESTATAL DE PARTICIPACIONES INDUSTRIALES
          Velasquez, 134
          28006 Madrid, Spain
          Phone: +34-91-396-10-00
          Fax: +34-91-562-87-89
          Web site: http://www.sepionline.com


===========
T U R K E Y
===========


ARAB TURKISH: Fitch Puts Individual Rating at 'D'
-------------------------------------------------
Fitch Ratings assigned Turkey's Arab Turkish Bank Long-term
foreign and local currency ratings of 'B'. Additionally, the
agency has assigned other ratings of Short-term foreign and
local currency 'B', Individual 'D', National Long-term 'BBB
(tur)', and Support '5' to the bank. The Outlook on all Long-
term ratings is Stable.

The Long-term, Short-term and Individual ratings based on ATB's
strong capitalization, they also reflect improved asset quality
and enhanced risk management procedures.  These factors are
balanced by an over reliance on government securities for profit
and a concentrated funding base.

ATB reported net earnings of TRL8.7 trillion in 2003 and TRL3.1
trillion in H104, benefiting from good interest margins, low
credit loss provisions and a reduced tax charge.  Additionally,
the bank recorded foreign exchange translation gains compared
with a loss in 2002.  Net interest income is driven by revenue
from the securities portfolio, which totaled over 50% of asset
as of end-2003.  Profit growth was also strong in H104 at 50%
compared to the same period in 2003.

ATB is a corporate and trade finance lender and has virtually no
retail credits.  While cash loans have traditionally been a low
percentage of the balance sheet (22% at end-2003), ATB has a
significant non-cash portfolio because of its trade finance
activities throughout the Middle East and North Africa.  Net
impaired loans (after deduction of reserves) were only 0.2% of
equity at end-June 2004.  Management anticipates that loans will
increase as a proportion of total assets but this will be
difficult considering the bank's small size (US$238 million in
assets at end-2003).  Because of its small branch network, ATB
is reliant on borrowings and equity to fund operations.  Libyan
Arab Foreign Bank, its largest shareholder, provides borrowings,
subordinated debt and equity equal to 50% of total assets.  This
provides stability to a wholesale funding base that can
fluctuate due to internal or external financial problems.

ATB maintains very strong capital, reporting a total regulatory
capital ratio of 54.18% (Tier 1 of 40.22%) at end-June 2004.
Full implementation of Basel II, including 100% risk weighting
for foreign currency-denominated securities, will result in a
decline in ATB's capital ratio of nearly 30 percentage points.
This capital position is the key factor that underpins the
assigned ratings.  Should there be any material adverse change
in the capital structure, the ratings will be subject to review.

ATB was established in 1976.  Its shareholders include LAFB
(48%), Kuwait Investment Co. (6%) and three Turkish banks (46%).
The bank mainly provides import and export trade finance to
local and international companies in Turkey, North Africa and
the Middle East.

CONTACT:  FITCH RATINGS
          Ed Thompson, New York
          Phone: +1 212 908 0364

          Gulcin Orgun, Istanbul
          Phone: +90 212 279 1065

          Banu Saracci, London
          Phone: +44 207 417 4373

          Media Relations:
          Campbell McIlroy, London
          Phone: +44 20 7417 4327

          ARAB TURKISH BANK
          Valikonagi Cad. No:10
          Nisantasi 34367 Istanbul, Turkey
          P.O. Box: 380 Sisli 34360
          Istanbul, TURKEY
          Phone: +90 212 225 05 00 (20 Lines)
          Fax: +90 212 225 05 26 - 224 99 92
          Web site: http://www.arabturkbank.com


===========================
U N I T E D   K I N G D O M
===========================


A.F.C. LIMITED: Creditors Have Until Next Month to File Claims
--------------------------------------------------------------
At an extraordinary general meeting of the A.F.C. Limited on
October 12, 2004, the special resolution to wind up the company
was passed.  Carey Olsen of Millennium House, Ollivier Street,
Alderney GY9 3TD has been appointed liquidator of the company.
All persons having claims against the Company are requested to
send a detailed account thereof to the Liquidator, on or before
18th November 2004.


AIR PRODUCTS: To Hold Final Meeting of Members Mid-November
-----------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

           IN THE MATTER OF Air Products Eastern Limited
                         (In Liquidation)

Notice is hereby given that a final meeting of the members of
Air Products Eastern Limited will be held at 10:30 a.m. on
November 17, 2004 at 17-19 Foley Street, London W1W 6DW.

The meeting is called pursuant to Section 94 of the Insolvency
Act 1986 for the purpose of receiving an account from the Joint
Liquidators explaining the manner in which the winding-up of the
company has been conducted and to receive any explanation that
they may consider necessary.  A member entitled to attend and
vote is entitled to appoint a proxy to attend and vote on their
behalf.  A proxy need not be a member or creditor.

These resolutions will be considered at the meeting:

(a) That the joint liquidators' receipts and payments account be
    approved;

(b) That the joint liquidators receive their release;

(c) That the joint liquidators be authorized to destroy the
    company's books and records twelve months after dissolution
    of the company.

Proxies to be used at the meeting must be returned to the
offices of Menzies Corporate Restructuring, 17-19 Foley Street,
London, W1W 6DW, no later than 12:00 noon on the working day
immediately before the meeting.

Simon James Underwood, Joint Liquidator
October 12, 2004

CONTACT:  MENZIES CORPORATE RESTRUCTURING
          17-19 Foley Street
          London W1W 6DW
          Phone: 020 7291 9750
          Fax: 020 7291 9777
          E-mail: mcr@menzies.co.uk
          Web site: http://www.menzies.co.uk


ALUMAX EXTRUSIONS: Final Meeting of Members Set December
--------------------------------------------------------
The final meeting of the members of Alumax Extrusions Limited
will be on December 15, 2004 commencing at 11:00 a.m.  It will
be held at the offices of Grant Thornton, 1 Westminster Way,
Oxford OX2 0PZ.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Grant Thornton, 1 Westminster Way, Oxford OX2 0PZ not later
than 12:00 noon, December 14, 2004.

CONTACT:  GRANT THORNTON
          1 Westminster Way,
          Oxford OX2 0PZ
          Phone: 01865 799899
          Fax: 01865 724420
          Web site: http://www.grant-thornton.co.uk


AMBER PROPERTIES: Special Winding up Resolution Passed
------------------------------------------------------
NOTICE IS HEREBY GIVEN that at an extraordinary general meeting
of the Amber Properties Limited held on 4th October, 2004 the
following resolution was passed as a Special Resolution: That
the company be wound up voluntarily and that Neil Jesse Crocker
of Second Floor, National Westminster House, Le Truchot, St
Peter Port, Guernsey be and is hereby appointed liquidator of
the company for the purpose of such winding up. All persons
having claims against or indebted to the above company are
requested to send details thereof to me at the address below
within seven days of this notice. N. J. Crocker of Second Floor,
National Westminster House, Le Truchot, St Peter Port, Guernsey
has been appointed liquidator for the company.


AMKO BEARINGS: Calls General Meeting of Members
-----------------------------------------------
The general meeting of the members of Amko Bearings Limited will
be on November 23, 2004 commencing at 10:00 a.m.  It will be
held at Deloitte & Touche LLP, 1 City Square, Leeds LS1 2AL.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.

CONTACT:  DELOITTE & TOUCHE LLP
          1 City Square,
          Leeds LS1 2AL
          Phone: +44 (0) 113 243 9021
          Fax: +44 (0) 113 244 5580
          Web site: http://www.deloitte.com


ARMSTRONG EUROPE: Names Numerica Liquidator
-------------------------------------------
At an extraordinary general meeting of the Armstrong Europe
Services on October 7, 2004 held at 81 Station Road, Marlow,
Buckinghamshire S17 1SX, the special and ordinary resolutions to
wind up the company were passed.  Frank Wessely, licensed
Insolvency Practitioner and Peter James Hughes-Holland, licensed
Insolvency Practitioner, both of Numerica have been appointed
joint liquidators for the purpose of the voluntary winding-up.

CONTACT:  NUMERICA
          81 Station Road, Marlow,
          Buckinghamshire SL7 1SX
          Phone: 01628 478100
          Fax:   01628 472629
          Web site: http://www.numerica.biz


ARTESIA NATURAL: Brings in Receivers from Tenon Recovery
--------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

         IN THE MATTER OF Artesia Natural & Precious Ltd.
                        (In Receivership)

I, Alexander Iain Fraser of Tenon Recovery, 10 Ardross Street,
Inverness, IV3 5NS, give notice that on October 6, 2004, Thomas
Campbell MacLennan and I were appointed as Joint Receivers of
the whole property and assets of Artesia Natural & Precious Ltd.
in terms of section 51 of the Insolvency Act 1986.

In terms of section 59 of the said Act, preferential creditors
are required to lodge their claims to me within six months of
the date of this notice.

A. I. Fraser, Joint Receiver

CONTACT:  TENON RECOVERY
          10 Ardross Street
          Inverness IV3 5NS
          Phone: 01463 235321
          Fax: 01463 231040
          E-mail: inverness@tenongroup.com
          Web site: http://www.tenongroup.com


A.S.A. SECURITY: Owners Agree to Liquidate Company
--------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

          IN THE MATTER OF A.S.A. (Security) Limited

                      MSS Security Limited

                               and

                    Scotguard Alarms Limited


Notice is hereby given that at the Extraordinary General
Meetings of A.S.A. (Security) Limited, MSS Security Limited and
Scotguard Alarms Limited held on October 12, 2004, these
resolutions were passed:

(a) That each Company be wound up voluntarily;

(b) That Jonathan Sisson and Richard Setchim of
    PricewaterhouseCoopers LLP, 12 Plumtree Court, London, EC4A
    4HT, be and are hereby appointed Joint Liquidators of each
    Company for the purposes of such winding up, and any act
    required or authorized under any enactment to be done by the
    Joint Liquidators is to be done by all or any one or more of
    the persons for the time being holding office.'

Russel Charles Shear, Chairman of the meeting

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Plumtree Court
          London EC4A 4HT
          Phone: [44] (20) 7583 5000
          Fax: [44] (20) 7822 4652
          Web site: http://www.pwcglobal.com


BHD FLINT: Sets Creditors' Meeting Next Month
---------------------------------------------
Name of companies:
BHD Flint Limited
BHD Group Limited
BHD Showers Limited
HDGB Realizations Limited

The unsecured creditors of these companies will meet on November
10, 2004 commencing at 12:00 noon.  It will be held at The Ibis
Hotel, Ladywell Walk, Arcadian Centre, Birmingham B5 4ST.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to KPMG LLP, 2 Cornwall Street, Birmingham B3 2DL
not later than 12:00 noon, November 9, 2004.

CONTACT:  KPMG LLP
          2 Cornwall Street
          Birmingham B3 2RT
          Phone: (0121) 232 3000
          Fax:   (0121) 232 3500
          Web site: http://www.kpmg.co.uk


CERAMIC CITY: Names Administrator from Walletts Insolvency
----------------------------------------------------------
Michael F. McCarthy (IP No 8942) has been appointed
administrator for Ceramic City Management Limited.  The
appointment was made October 11, 2004.  Its registered office is
located at 2 Adventure Place, Hanley, Stoke on Trent ST1 3AF.

CONTACT:  WALLETTS INSOLVENCY SERVICES
          Adventure Place, Hanley,
          Stoke on Trent, Staffordshire ST1 3AF
          Phone: (01782) 212326
          Fax: (01782) 212326


DERWENT SHIRES: Members General Meeting Set Next Month
------------------------------------------------------
The general meeting of the members of Derwent Shires Estates
Limited will be on November 29, 2004 commencing at 10:00 a.m.
It will be held at Mabe Allen, 50 Osmaston Road, Derby DE1 2HU.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.

CONTACT:  MABE ALLEN
          50 Osmaston Road,
          Derby DE1 2HU
          Phone: 01332 345265


EIDOS PLC: Tomb Raider to Appear on BREW-Enabled Mobile Phones
--------------------------------------------------------------
Eidos, one of the world's leading publishers and developers of
entertainment software, announces it has signed an agreement
with QUALCOMM, pioneer and world leader of Code Division
Multiple Access (CDMA) digital wireless technology, to publish
games for BREW-enabled mobile phones.

Developed by QUALCOMM, the BREW(R) solution is a unique system
that supports the very latest in applications and services for
wireless handsets, from games to ring tones, to position
location and productivity software as well as user interface
(UI) support and customization.  Eidos plans to launch some of
its key brands for BREW-enabled mobile phones, including Tomb
Raider and Thief.

Simon Protheroe, Eidos' director of new media and online
technologies says: "BREW has helped increase user demand in the
wireless gaming industry, and Eidos wants to tap into this
rapidly growing marketplace.  We look forward to working with
QUALCOMM and using the technical and business capabilities of
the BREW solution to distribute our major franchises to mobile
users around the world."

Mike Yuen, director of BREW developer relations for QUALCOMM
Internet Services says: "QUALCOMM is very pleased to have a
leading company like Eidos join the growing ranks of high
caliber BREW publishers that are providing leading-edge games to
mobile users.  As one of the industry's premier entertainment
software publishers, Eidos offers an impressive portfolio of
well-recognized titles for operators that provide BREW-based
services."

About BREW

QUALCOMM's BREW solution provides products and services that
connect the mobile marketplace value chain, which includes
publishers, developers, content providers, device manufacturers,
operators and consumers.  Publishers and developers worldwide
are generating revenue from BREW-based applications and content,
and 27 manufacturers have offered more than 150 BREW-enabled
device models to consumers.  BREW is successfully enabling the
commercial wireless data services of many successful operators,
including Verizon Wireless, Alaska Communication Systems,
ALLTEL, Cellular One, Cellular South, Cricket Communications,
MetroPCS, Midwest Wireless, NTELOS, Pioneer, Rural Cellular
Corporation and U.S. Cellular in the United States, Bermuda
Digital Communications, China Unicom, KDDI in Japan, KTF in
South Korea, Hutch in Thailand, Iusacell in Mexico, VIBO in
Taiwan, Tata in India, Telstra in Australia, VIVO in Brazil,
BellSouth Argentina, BellSouth Chile, BellSouth Colombia,
BellSouth Ecuador, BellSouth Guatemala, BellSouth Nicaragua,
BellSouth Panama, BellSouth Peru, Movicom in Argentina, Movicom
in Uruguay, Telcel and Movilnet in Venezuela, Verizon
Dominicana, Verizon Wireless Puerto Rico, Pelephone in Israel
and Zapp in Romania.

About Eidos

Eidos plc is one of the world's leading publishers and
developers of entertainment software with a diverse mix of
titles for the PC, PlayStation(R)2 computer entertainment
system, Nintendo GameCube(TM) and the Xbox(TM) video game system
from Microsoft.  For more information on Eidos and its products
visit http://www.eidos.com.

QUALCOMM and BREW are registered trademarks of QUALCOMM
Incorporated.  All other trademarks are the property of their
respective owners.

                            *   *   *

Eidos, the creator of the successful Tom Raider series, put
itself up for sale after two profit warnings earlier this
summer.  The company remains financially sound but is considered
too small for the market.

In the year to 30 June 2004, the Group achieved a turnover of
GBP133.9 million (2003: GBP151.5 million) and recorded an
operating loss before goodwill and exceptional items of GBP2.0
million (2003: GBP13.9 million profit).

CONTACT:  EIDOS PLC
          Steve Starvis
          Phone: +44-(0)-20-8636-3000
          Fax: +44-(0)-020-8636-3001


EMI GROUP: Continues Outsourcing Strategy with Sale of CD Plant
---------------------------------------------------------------
EMI Music and Warner Music have reached agreement with Summit
Technology Australia Pty Ltd. to sell their jointly owned CD
manufacturing business in Sydney, Australia, to Summit.

This initiative represents a further step in EMI's drive to
reduce manufacturing costs and also make them fully variable,
insulating the business from the effects of changing volumes.
EMI announced in March 2004 that is was to cease self-
manufacturing CDs and DVDs in Europe and the United States and
has subsequently transferred its associated assets in the
Netherlands to MediaMotion and closed down its manufacturing
plant in Illinois.

Under the new agreement, EMI and Warner will transfer their
manufacturing facility Digital Audio Technologies Australia
(DATA) and its associated assets and employees to Summit with
effect from 31 December 2004.  Simultaneously, EMI Music
Australia has entered into a long-term supply agreement with
Summit for its local supply of CDs and DVDs.

Summit will acquire DATAs assets and stock at book value with
the proceeds from the sale being nominal.

EMI retains two joint venture manufacturing facilities, one in
Japan (part of the Toshiba-EMI joint venture company) and a
small manufacturing facility in Canada.

CONTACT:  EMI GROUP PLC
          Amanda Conroy, Corporate Communications
          Phone: +44 20 7795 7529

          Claudia Palmer, Investor Relations
          Phone: +44 20 7795 7635

          Susie Bell
          Phone: +44 20 7795 7971

          BRUNSWICK GROUP LLP
          Patrick Handley
          Phone: +44 20 7404 5959


GARDNER CRYOGENICS: Sets Members Final Meeting
----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

           IN THE MATTER OF Gardner Cryogenics Limited
                         (In Liquidation)

Notice is hereby given that a final meeting of the members of
Gardner Cryogenics Limited will be held at 10:50 a.m. on
November 17, 2004 at 17-19 Foley Street, London W1W 6DW.

The meeting is called pursuant to Section 94 of the Insolvency
Act 1986 for the purpose of receiving an account from the Joint
Liquidators explaining the manner in which the winding-up of the
company has been conducted and to receive any explanation that
they may consider necessary.  A member entitled to attend and
vote is entitled to appoint a proxy to attend and vote on their
behalf.  A proxy need not be a member or creditor.

These resolutions will be considered at the meeting:

(a) That the joint liquidators' receipts and payments account be
    approved;

(b) That the joint liquidators receive their release;

(c) That the joint liquidators be authorized to destroy the
    company's books and records twelve months after dissolution
    of the company.

Proxies to be used at the meeting must be returned to the
offices of Menzies Corporate Restructuring, 17-19 Foley Street,
London, W1W 6DW, no later than 12:00 noon on the working day
immediately before the meeting.

Simon James Underwood, Joint Liquidator
October 12, 2004

CONTACT:  MENZIES CORPORATE RESTRUCTURING
          17-19 Foley Street
          London W1W 6DW
          Phone: 020 7291 9750
          Fax: 020 7291 9777
          E-mail: mcr@menzies.co.uk
          Web site: http://www.menzies.co.uk


GOLF AND LEISURE: Names Craig Le Cheminant Liquidator
-----------------------------------------------------
NOTICE IS HEREBY GIVEN that at an extraordinary general meeting
of the members of Golf And Leisure Holdings Limited held at EFG
House, St Julian's Avenue, St Peter Port, Guernsey on 20th
January, 2004 the following Resolution was passed as a Special
Resolution: THAT the Company be wound up voluntarily and THAT
Mr. Craig Le Cheminant of EFG House, St Julian's Avenue, St
Peter Port, Guernsey be and is hereby appointed Liquidator for
the purpose of such winding up.  All persons having claims
against or indebted to the above named Company are requested to
send details thereof to me at P.O. Box 603, EFG House, St
Julian's Avenue, St Peter Port, Guernsey within three weeks from
the date of this notice.


H.E. MOUL: Members General Meeting Set Next Month
-------------------------------------------------
The general meeting of the members of H.E. Moul & Druce Limited
will be on November 10, 2004 commencing at 10:00 a.m.  It will
be held at the offices of Trafford Taunton & Co., 90 Babbacombe
Road, Bromley BR1 3LS.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.

CONTACT:  TRAFFORD TAUNTON & CO.
          90 Babbacombe Road,
          Bromley BR1 3LS
          Phone: 02084645981


HOPES HAULAGE: Creditors to Meet First Week of November
-------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

               IN THE MATTER OF Hopes Haulage Ltd.

Notice Is hereby given, pursuant to Section 98 of the Insolvency
Act, 1986 that a meeting of creditors of Hopes Haulage Ltd. will
be held within the offices of Morris & Young, 6 Atholl Crescent,
Perth on November 3, 2004 at 11:30 a.m. for the purposes
specified in Sections 99-101 of the said Act.

A list of the names and addresses of the company's creditors
will be available for inspection, free of charge, within the
offices of Morris & Young, 6 Atholl Crescent, Perth two business
days prior to the meeting.

By Order of the Board.
Alan Hope, Director

October 15, 2004

CONTACT:  MORRIS & YOUNG
          6 Atholl Crescent
          Perth
          PH1 5JN
          Phone: 01738 626257
          Fax: 01738 630845


INTERDEAN (AIRFREIGHT): Members Final Meeting Set
-------------------------------------------------
The final meeting of the members of Interdean (Airfreight)
Limited will be on December 15, 2004 commencing at 10:30 a.m.
It will be held at the offices of Grant Thornton, 1 Westminster
Way, Oxford OX2 0PZ.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Grant Thornton, 1 Westminster Way, Oxford OX2 0PZ not later
than 12:00 noon, December 14, 2004.

CONTACT:  GRANT THORNTON
          1 Westminster Way,
          Oxford OX2 0PZ
          Phone: 01865 799899
          Fax: 01865 724420
          Web site: http://www.grant-thornton.co.uk


LEASE 123: Liquidator's Final Report Out Next Month
---------------------------------------------------
The final meeting of the members of Lease 123 Limited will be on
November 25, 2004 commencing at 10:15 a.m.  It will be held at
the offices of PricewaterhouseCoopers LLP, Plumtree Court,
London EC4A 4HT.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Plumtree Court
          London EC4A 4HT
          Phone: 020 7212 8123
          Fax: 020 7084 5566
          Web site: http://www.pwc.com


LVR PROPERTIES: Calls in Liquidator from Phillips & Co.
-------------------------------------------------------
At an extraordinary general meeting of the members of the LVR
Properties Ltd. on October 18, 2004 held at 21-23 Station Road,
Gerrards Cross, Buckinghamshire SL9 8ES, the special resolution
to wind up the company was passed.  Helen Timothe Phillips of
Phillips & Co, 21-23 Station Road, Gerrards Cross,
Buckinghamshire SL9 8ES has been appointed liquidator of the
company for the purpose of such winding-up.

CONTACT:  PHILLIPS & CO.
          21-23 Station Road,
          Gerrards Cross,
          Buckinghamshire SL9 8ES


MARCONI CORPORATION: Top Russian Firm Subscribes to SDH Services
----------------------------------------------------------------
Marconi Corporation plc announced that OAO Bashinformsvyaz, the
largest communications services provider in the Russian Republic
of Bashkortostan (Bashkirian Republic), has used Marconi's next-
generation optical technology to launch new data-over-
Synchronous Digital Hierarchy (SDH) services to its customers.
The new service has been enabled by Marconi's next-generation
OMS1664 multi-service metro platform, supported by its MS1/4 SDH
equipment and ServiceOn network management system.

OAO Bashinformsvyaz has used its new Marconi equipment to create
a multi-service network while at the same time increasing its
transport capacity to Synchronous Transfer Mode 16 (STM-16) -
about 2.5 Gbps.  Its new Marconi 16-port 10/100M Ethernet card
with Generic Frame Procedure (GFP) and Link capacity Adjustment
Scheme (LCAS) enables the operator to provider data-over-SDH
services to its customers.  Integration, monitoring and control
of the network will be handled by Marconi's management system,
ServiceOn Access.  OAO Bashinformsvyaz intends to develop
further the multi-service functionality of its new network in
the future.

"This win builds on the growing success of Marconi's flagship
OMS1664 multi-service provisioning platform as well as
representing another strategic business win for our central
European business in Russia," said Dr. Stefan Kindt, managing
director and CEO of Marconi Communications GmbH.

"The OMS1664 will allow OAO Bashinformsvyaz to launch new
services for its customers while improving the overall economic
performance of its optical network."

Marconi's OMS1664 multi-service metro platform will enable OAO
Bashinformsvyaz to meet the evolving transport needs of its
network by allowing the operator to respond to growing demand
for emerging optical broadband services.  The OMS1664 enables
significant network simplification and delivery of multiple
services rapidly and efficiently.  Designed specifically for an
environment of growing demand for new data services, the new,
compact, multi-service transport and switching platform can
deliver traditional and new services cost-effectively and
incrementally, in line with emerging demand.

The OMS1664 combines Marconi's next-generation SDH technology
with integrated data and Wavelength Division Multiplexing  (WDM)
technology, providing data aggregation and switching as well as

high network capacity.  An innovative architecture ensures
future-proofing, allowing the OMS1664 to evolve in-service to
carry increasing amounts of data traffic as and when demand
emerges.

Marconi's ServiceOn network management system integrates
element, network and service management into one scalable,
future proof network management system that will provide OAO
Bashinformsvyaz with the ability to mange all of its Marconi
access network equipment and wireless technologies as well as
selected third party SDH equipment.  ServiceOn Access is in
operation in over 170 operators' networks worldwide.

The Marconi optical equipment will be delivered, installed and
commissioned by Czech company TTC MARCONI.

Notes to Editors

About JSC Bashinformsvyaz

OAO Bashinformsvyaz has a 90% share in the telecommunications
market of Bashkortostan, an economically stable Russian republic
in the southern Urals.  The company covers the entire spectrum
of telecommunications providing for local, long-distance and
international calls, radio and TV broadcasting, paging, mobile
phone services, Internet access, Voice over IP and Intelligent
Network services.  In early 2003 OAO Bashinformsvyaz delivered
services to 850,000 subscribers.  The degree of digitalization
is 60% in urban and 20% in rural areas.  80% of urban and 27.4%
of rural household are covered by OAO Bashinformsvyaz.  Multi-
service and broadband networks are rolled-out with MPLS-
technology and xDSL-technology in the Access area at the moment.

About TTC MARCONI Ltd.

TTC MARCONI Ltd. is a Joint Venture of TTC TELEKOMUNIKACE, the
biggest telecommunication manufacturer in the Czech Republic,
and Marconi Corporation plc.  In the Czech Republic and in
Slovakia, the company is well known through its very strong
technical and realization background.  Moreover the company is
active in the Russian Federation and Ukraine.  Further business
activities are held in other republics of the former Soviet
Union and in Bulgaria.  Ownership of the company is 49% Marconi
Corporation plc and 51% TTC TELEKOMUNIKACE.

About Marconi Corporation plc

Marconi Corporation plc (London: MONI and NASDAQ: MRCIY) is a
global telecommunications equipment, services and solutions
company.  The company's core business is the provision of
innovative and reliable optical networks, broadband routing and
switching and broadband access technologies and services.  The
company's customer base includes many of the world's largest
telecommunications operators.

CONTACT:  MARCONI PLC
          Margarete Senn
          Phone: +49 7191 13 3811
          E-mail: margarete.senn@marconi.com

          Investor enquiries
          Heather Green
          Phone: + 44 207 306 1735
          E-mail: heather.green@marconi.com

          Industry Analyst enquiries
          Skip MacAskill
          Phone: +44 2476 56 3705
          E-mail: skip.macaskill@marconi.com


MARDEO LIMITED: Members Appoint Liquidator
------------------------------------------
            IN THE MATTER OF THE COMPANIES ACT 1986

            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                IN THE MATTER OF Mardeo Limited
                        (In Liquidation)

At an Extraordinary General Meeting of the Members of Mardeo
Limited, duly convened and held on October 11, 2004, 10:00 a.m.
at Unit 14, Princes Square, 48 Buchanan Street, Glasgow, G1 3JX,
these resolutions were duly passed:

(a) That it has been proved to the satisfaction of the meeting
    that the company cannot by reason of its liabilities
    continue its business and that it is advisable to wind up
    same and, accordingly, that the company be wound up
    voluntarily.

(b) That Ian William Wright of Haines Watts, James Miller House,
    98 West George Street, Glasgow, G2 1PJ be appointed
    liquidator for the purposes of such winding up.

G. Marini, Chairman of the Meeting
October 11, 2004

CONTACT:  HAINES WATTS (GLASGOW INSOLVENCY)
          James Miller House
          98 West George Street
          Glasgow G2 1PJ
          Phone: 0141 342 1600
          Fax: 0141 342 1616
          Web site: http://www.hwca.com


MILLAC LIMITED: Members Opt to Wind up Business
-----------------------------------------------
Name of companies:
Millac Limited
Pritchitt Foods Limited
Pritchitts Limited

At an extraordinary general meeting of these companies on
October 8, 2004 held at Killeshandra, Co. Cavan, Ireland, the
special, extraordinary and ordinary resolutions to wind up the
companies were passed.  Barry Forrest of UHY O'Connor, Leddy &
Holmes has been appointed liquidator of the company for the
purpose of the voluntary winding-up.


NIMMO PACKAGING: Hires Rothman Pantall & Co. as Administrator
-------------------------------------------------------------
Robert Derek Smailes and Stephen Blandford Ryman (IP Nos 8975,
4731) have been appointed joint administrators for Nimmo
Packaging Systems Limited.  The appointment was made October 14,
2004.  The company manufactures metal.

CONTACT:  ROTHMAN PANTALL & CO.
          Clareville House,
          26-27 Oxendon Street,
          London SW1Y 4EP
          Phone: +44 (0) 20 7930 7272
          Fax: +44 (0) 20 7930 9849
          E-mail: london@rothman-pantall.co.uk
          Web site: http://www.rothman-pantall.co.uk


ORYX FUND: Members Agree to Appoint Liquidators
-----------------------------------------------
NOTICE IS HEREBY GIVEN that at an extraordinary general meeting
of the Oryx Fund Limited held on 14th October, 2004 the
following special resolution was confirmed: THAT the Company be
wound-up voluntarily and that Mr. John Dunford, Chartered
Accountant and Mr. Brendan McMahon, Chartered Accountant, P.O.
Box 321, National Westminster House, Le Truchot, St Peter Port,
Guernsey, GY1 4ND be and are hereby appointed joint liquidators
of the company for the purpose of such winding-up.


PCL REALISATION: Unsecured Creditors to Meet November
-----------------------------------------------------
The unsecured creditors of PCL Realization Limited will meet on
November 10, 2004 commencing at 10:00 a.m.  It will be held at
The Ibis Hotel, Ladywell Walk, Arcadian Centre, Birmingham B5
4ST.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to KPMG LLP, 2 Cornwall Street, Birmingham B3 2DL
not later than 12:00 noon, November 9, 2004.

CONTACT:  KPMG LLP
          2 Cornwall Street
          Birmingham B3 2RT
          Phone: (0121) 232 3000
          Fax:   (0121) 232 3500
          Web site: http://www.kpmg.co.uk


REDEVELOPED FISH: In Administrative Receivership
------------------------------------------------
HSBC Bank Plc called in C. W. A. Escott and M. Dunham (Office
Holder Nos 8913, 8376) joint administrative receivers for
Redeveloped Fish Products Limited (Reg No 4068256, Trade
Classification: 04).  The application was filed October 18,
2004.

CONTACT:  ROBSON RHODES L.L.P.
          St. George House
          40 Great George Street
          Leeds LS1 3 DQ
          Phone: 0113 225 4000
          Fax: 0113 225 4002
          Web site: http://www.robsonrhodes.co.uk


SEIKO EUROPE: Hires Joint Liquidators from Deloitte & Touche
------------------------------------------------------------
At an extraordinary general meeting of the Seiko Europe Limited
On September 15, 2004 held at Seiko Watch Corporation, 19/F 2-1
Shibaura 1-Chome, Minato-ku, Tokyo 105-8467, Japan, the special
and ordinary resolutions to wind up the company were passed.
Dominic L. Z. Wong and Andrew P. Peters of Deloitte & Touche
LLP, Blenheim House, Newport Road, Cardiff CF24 0TS have been
appointed joint liquidators of the company.

CONTACT:  DELOITTE & TOUCHE LLP
          Blenheim House
          Newport Road,
          Cardiff CF24 0TS
          Phone: +44 (0) 29 2048 1111
          Fax:   +44 (0) 29 2048 2615
          Web site: http://www.deloitte.com


SKYEPHARMA PLC: Gets Payment for DepoDur(TM) Deal
-------------------------------------------------
SkyePharma PLC (LSE: SKP; Nasdaq: SKYE) received a US$5 million
milestone payment from Endo Pharmaceuticals Inc. in respect of
DepoDur(TM).  DepoDur(TM), which was approved by the U.S. Food &
Drug Administration on 18 May, is SkyePharma's novel single dose
sustained-release injectable formulation of morphine for the
relief of pain after major surgery.  Endo is SkyePharma's
licensee for DepoDur(TM) in North America. receive

Under the terms of an agreement signed in December 2002,
SkyePharma is entitled to certain milestone payments from Endo.
These include a payment of US$5 million once DepoDur(TM) has
received FDA approval and SkyePharma has supplied launch
quantities of the product to Endo.  These conditions have now
been satisfied.

Michael Ashton, Chief Executive of SkyePharma, said: "We are
pleased to report the receipt of this payment.  Our partner Endo
commenced U.S. promotion of DepoDur(TM) in the third quarter,
with an encouraging initial response, and we now look forward to
the formal U.S. launch of our most important product in the
fourth quarter.  We are confident that DepoDur(TM) has great
potential to improve the treatment of pain following major
surgery."

About SkyePharma PLC

SkyePharma PLC develops pharmaceutical products benefiting from
world leading drug delivery technologies that provide easier-to-
use and more effective drug formulations.  There are now ten
approved products incorporating SkyePharma's technologies in the
areas of oral, injectable, inhaled and topical delivery,
supported by advanced solubilization capabilities.  For more
information, visit http://www.skyepharma.com.

CONTACT:  SKYEPHARMA PLC
          Phone: +44 207 491 1777
          Michael Ashton, Chief Executive Officer
          Peter Laing, Director of Corporate Communications

          Sandra Haughton, U.S. Investor Relations
          Phone: +1 212 753 5780

          BUCHANAN COMMUNICATIONS
          Phone: +44 207 466 5000
          Tim Anderson/Mark Court


SONCEBOZ UK: Brings in Liquidator from Finn Associates
------------------------------------------------------
At an extraordinary general meeting of the members of the
Sonceboz UK Limited on October 4, 2004 held at 11 Walkwood Rise,
Beaconsfield, Buckinghamshire HP9 1TU, the special and ordinary
resolutions to wind up the company were passed.  Paul Howard
Finn of Finn Associates, Four The Chandlery, 40 Gowers Walk,
London E1 8BH has been appointed liquidator for the purpose of
such winding-up.

CONTACT:  FINN ASSOCIATES
          Four The Chandlery,
          40 Gowers Walk, London E1 8BH


SONERA UK: Hires KPMG as Liquidator
-----------------------------------
At an extraordinary general meeting of the members of the Sonera
UK Limited on September 15, 2004 held at 95 Cromwell Road,
London SW7 4DL, the special and ordinary resolutions to wind up
the company were passed.  Jeremy Simon Spratt and Finbarr
O'Connell of KPMG LLP, 8 Salisbury Square, London EC4Y 8BB have
been appointed joint liquidators for the purpose of such
winding-up.

CONTACT:  KPMG LLP
          PO Box 695,
          8 Salisbury Square,
          London EC4Y 8BB
          Phone: (020) 7311 1000
          Fax:   (020) 7311 3311
          Web site: http://www.kpmg.co.uk


TETHYS LIMITED: Proofs of Claim Deadline Expires Weekend
--------------------------------------------------------
NOTICE IS HEREBY GIVEN that an extraordinary general meeting of
the members of the Tethys Limited was held at Frances House, Sir
William Place, St Peter Port, Guernsey, Channel Islands, GY1 4HQ
on 11th October, 2004.  The purpose of the meeting was to
consider and if thought fit, to pass the following Resolution
which was proposed as a special resolution: Special Resolution
That the Company be wound up voluntarily and THAT Mr. Julian Dai
Lane of Frances House, Sir William Place, St Peter Port,
Guernsey, be and is hereby appointed Liquidator for the purposes
of such winding up.  All Persons having claims against or
indebted to the above Company are requested to send details
thereof to the address below before 29th October 2004.


THE BRYN: SME Invoice Appoints Harrisons Receiver
-------------------------------------------------
SME Invoice Finance Limited called in J. C. Sallabank and P. R.
Boyle (Office Holder Nos 008099, 008897) joint administrative
receivers for The Bryn Wharf Food Company Limited (Reg No
02311554, Trade Classification: 1589).  The application was
filed October 15, 2004.  The company manufactures other food
products.

CONTACT:  HARRISONS
          35 Water Edge Business Park,
          Modwen Road, Manchester M5 3EZ
          Phone: 0161 876 4567
          Fax:   0161 876 4554
          E-mail: info@harrisons.uk.com
          Web site: http://www.harrisons.uk.com


THE LEARNING: Calls in Liquidator from Grant Thornton
-----------------------------------------------------
At a meeting of The Learning Library Limited on October 4, 2004,
the special resolution to wind up the company was passed.
Andrew Conquest of Grant Thornton UK LLP, Grant Thornton House,
Melton Street, Euston Square, London NW1 2EP has been appointed
liquidator of the company for the purpose of the voluntary
winding-up.

CONTACT:  GRANT THORNTON
          Grant Thornton House,
          Melton Street, Euston Square,
          London NW1 2EP
          Phone: 020 7383 5100
          Fax:   020 7383 4715
          Web site: http://www.grant-thornton.co.uk


TOMLANDER LIMITED: Insolvency Service Bans Two Directors
--------------------------------------------------------
Two directors of a mechanical engineering and pipe work
contractor business that failed with total debts estimated at
around GBP1.3 million have each given Undertakings not to hold
directorships or take any part in company management for four
years.

The Undertakings by brothers Brian Colin Pearson, 44, of Smithy
Cottage, Wilmslow, and Charles Pearson, 59, of Eccups Lane,
Morley Green, Wilmslow, were given in respect of their conduct
as directors of Tomlander Limited, which carried out business
from premises at Paston Road, Sharston Industrial Estate,
Manchester.

The acceptance of the Undertakings on September 21, 2004
prevents both Brian and Colin Pearson from being directors of a
company or, in any way, whether directly or indirectly, being
concerned in or taking part in the promotion, formation or
management of a company for the above periods.

Tomlander Limited was placed into Administration on September
13, 2001 with an estimated deficiency to its creditors of
GBP1,357,960.

Matters of unfit conduct, not disputed by either Brian or
Charles Pearson, solely for the purposes of the undertakings,
were that they:

(a) Caused or allowed Tomlander to trade to the detriment of the
    Crown Departments; and

(b) Caused or allowed Tomlander to make a payment of GBP45,000
    to J&J Stubbs Limited Self Administered Pension Scheme, with
    the knowledge that other creditors, in particular the Crown,
    remained unpaid.

The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section (6) of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered to be
unfit to be involved in the management of companies in the
future.

CONTACT:  THE INSOLVENCY SERVICE
          21 Bloomsbury Street
          London, WC1B 3QW
          Web site: http://www.insolvency.gov.uk

          Disqualification Unit
          Phone: 020 7291 6807
                 020 7291 6832 (Vetting)
          E-mail: Disqualification.Unit@insolvency.gsi.gov.uk

          Criminal Allegations Team
          Phone: 020 7291 6841
          E-mail: criminal.allegations@insolvency.gsi.gov.uk


TWP HOLDCO: Liquidator to Present Final Report Mid-December
-----------------------------------------------------------
The final meeting of the members of TWP Holdco (4) Limited will
be on December 15, 2004 commencing at 10:45 a.m.  It will be
held at the offices of Grant Thornton, 1 Westminster Way, Oxford
OX2 0PZ.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Grant Thornton, 1 Westminster Way, Oxford OX2 0PZ not later
than 12:00 noon, December 14, 2004.

CONTACT:  GRANT THORNTON
          1 Westminster Way,
          Oxford OX2 0PZ
          Phone: 01865 799899
          Fax: 01865 724420
          Web site: http://www.grant-thornton.co.uk


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Larri-Nil Veloso, Ma. Cristina Canson,
Liv Arcipe, and Julybien Atadero, Editors.

Copyright 2004.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
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